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Oil rises 1.1% as US strikes Iranian military station after missile fire toward Kuwait, Bahrain

Oil prices climbed on Wednesday after the US military said Iran fired missiles toward Kuwait and Bahrain, prompting US strikes on an Iranian ground control station in the Strait of Hormuz. Brent crude rose 1.1% to $97.07 a barrel. US stocks pulled back from record highs, with the S&P 500 falling 0.3%.

Oil prices climbed on Wednesday after the US military said Iran fired missiles toward Kuwait and Bahrain, prompting Washington to strike an Iranian military ground control station on an island in the Strait of Hormuz.

Brent crude rose 1.1% to $97.07 a barrel. The S&P 500 fell 0.3% from its all-time high. The Dow Jones Industrial Average dropped 339 points, or 0.7%, by 10:15am Eastern time, while the Nasdaq composite was down 0.3%.

Despite the renewed hostilities, investors appear hopeful that the US and Iran will eventually reach an agreement to reopen the strategic waterway.

Topics

oil pricesus strikes iranstrait of hormuzbrent crudekuwait bahrain missilesgeopolitical riskenergy markets

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Frequently Asked

5
Why did oil prices rise?
Oil prices rose 1.1% after the US struck an Iranian ground control station in the Strait of Hormuz, following Iran firing missiles toward Kuwait and Bahrain.
How much did Brent crude increase?
Brent crude rose 1.1% to $97.07 a barrel.
What prompted the US strikes?
The US strikes were prompted by Iran firing missiles toward Kuwait and Bahrain.
What was the target of the US strikes?
The US struck an Iranian ground control station in the Strait of Hormuz.
How did US stock markets react?
US stocks pulled back from record highs, with the S&P 500 falling 0.3%.

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